Five Reasons Why You Should Hire a Financial Advisor
Every successful restaurant owner has one thing in common: they are really good at their job. But it's about more than just making money and providing for your family. You want to plan for the future, be able to retire, maybe even provide a legacy for your children, and their children.
Here are five reasons why you need the help of a financial advisor to do that:
1. Your expertise is in owning a restaurant.
In order to continue to succeed and make money in this business, you need to be able to keep your focus on your job. It makes sense to delegate the financial stuff to someone else so that you have more time to focus on what you're really good at. Remember, you're doing all that hard work so that someday, you can retire. A financial advisor can help you work toward that goal and build on what you've already accomplished.
2. Personal wealth management can be complicated.
You want to be able to preserve what you've created so far, take care of your family, get insurance, save towards paying for your kids' college education, save on taxes, and more. A financial advisor can not only help you figure out your immediate and long-term needs, but also provide you with options and help make decisions on the best fit for you.
3. Employee satisfaction benefits your business and your customers.
A financial advisor can refer you to an employee benefits expert and help you select, design and set up an employee retirement plan.
4. There may be opportunities to help you grow your business that you're not even aware of.
For example, a financial advisor can introduce you to a bank that specializes in short-term loans to restaurant owners so that you can get that new stove, open up a second location or just get through the slow season.
5. You'll have access to your financial advisor's network, including accountants, CPAs, mortgage brokers, realtors and vendors.
Look for someone who knows the restaurant industry and is familiar with the headaches of being a small business owner. He or she just might be the answer to making your life a whole lot easier.
Manny Frangiadakis grew up in the restaurant business. He spent his early years toddling around his grandparents' diner, and worked in his family's food distribution business doing everything from sweeping the floors to overseeing operations once a week. He became a financial advisor to help small business owners and family-run businesses create a plan for their financial futures. Manny is a wealth advisor and co-founder of Twelve Points Wealth Management, with offices in Concord and Boston, MA. He can be reached at email@example.com or 978-318-9500.
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